//
Northern Rock said it hopes to restrict the number of compulsory redundancies to 800, while it is hoped voluntary redundancies will number 500.
The figures are less than had been previously expected and the bank says it will be left with an estimated 4,000 employees.
Northern Rock's chairman Ron Sandler told the BBC: "This remains a very tough time for our staff but the restructuring of the company is nearing completion and we are now in the final phase of this difficult process."
In related news, Northern Rock shareholders were told at a recent meeting that the government acted illegally when it nationalised the bank following its financial problems, according to FT Adviser.
Become an independent investor with the help of Knowledge to Action.
